The idea of moving into a new home is exciting, but have you considered the cost involved? Whether this is your first time buying a home or not, it is essential that you take note of these expenses so that you are not caught off guard when the time comes.

The first goes to your building inspector, which is not mandatory, but having a property inspected before purchase allows you to buy a home with peace of mind. This cost is generally around $500 or more.

To purchase a property in Canada, you must make a down payment of 5% of the purchase price. Generally, this payment comes from the buyer's personal savings. If your down payment is less than 20%, you will be required to pay mortgage insurance.

If you take out a new mortgage before the end of a term, be prepared to pay a mortgage penalty as well. This amount varies and can range from hundreds to thousands of dollars.

Commonly referred to as the “welcome tax,” the real estate transfer tax is generally collected a few weeks after the signing of the deed of sale and is calculated based on the purchase price or an amount calculated from the municipal assessment. You should also budget for municipal and school taxes, which are recurring taxes that you will have to pay annually.

The GST and QST taxes are reserved for buyers of new homes and represent a total of 14.975% of the purchase price. If you meet the eligibility criteria, you can still apply for a tax rebate for a new home.

At the end of your real estate transaction in Quebec, you are expected to pay notary fees of at least $1,200 or more.

Finally, don't forget extras such as moving costs, internet and cable fees, furniture and appliance costs (if necessary), and many others.

There is even more to know about buying a home. So, why not contact a broker from the Duhaime team now to learn more about how to find your dream home?

When the number of properties for sale is on the rise, buying isn't always easy. To make the best purchase, it is essential that you, as the buyer, remain patient and keep trying until your offer is accepted.

Indeed, there is an excess of buyers bidding above the asking price, but while these huge prices may seem attractive, the seller may decide to choose a second offer simply because it is not conditional on the sale of another property.

As a buyer, there are a few things you should consider, including the purchase price, occupancy date, conditions, and availability of human contact (physical visit).

Before entering into negotiations that could potentially get heated, it is important for you, as the buyer, to consider the highest price you are willing to pay for the property. Also, consider your borrowing capacity and get a mortgage pre-approval, as this document will be a plus in the seller’s eyes. Keeping these factors in mind will help you determine your limit in the event of a bidding war.

Remember that everything is negotiable, including the occupancy date; however, in such cases, you should make an offer that aligns with the seller's needs. Sellers often choose buyers with the fewest purchase conditions. However, before removing any clauses, ensure you verify the associated implications and risks. In such a situation, you can contact a real estate broker from the Stéphane Duhaime team.

Be sure to visit the house in the presence of the owner, as this will allow you, the buyer, to ask any necessary questions and begin negotiations as outlined above.